The Catholic Foundation of South Georgia

What is the Catholic Foundation of South Georgia?
The Foundation is an independent, charitable foundation established to provide endowment funds for parishes, schools and agencies of the Diocese of Savannah.

What is the purpose of the Foundation?
The Foundation was established to provide a means for individuals and organizations to provide long term financial stability for the diocese and its churches, schools, and agencies. Through the creatiion of individual endowments, the Foundation generates income through its investments to to help sustain the long term strength and viability for parish, schools and other diocesan entities.

What is an endowment?
The Foundations adheres to the strict definition of a True Endowment, which is a permanent fund created in perpetuity, of which the corpus is never invaded. The income is used annually, in accordance with the Distribution Policy of the Foundation, to make gifts, grants or scholarships as the donor originally intended when establishing the fund. An endowment fund should not be confused with a savings and loan account or reserve fund.

Why would an individual or Catholic organization want to create an endowment fund?
By creating an endowment fund, an individual can take another step in living out the life of stewardship. Just as we make gifts to our church monthly, we now have an opportunity to give from our accumulated assets to endow what has been most important in our lives. A parish or school can establish an endowment and move toward providing a income for years to come and a way for families to give planned gifts. Endowment funds provide for the future needs of our parishes, schools and agencies.

Who manages the Foundation?
The Foundation is managed by a Board of Trustess composed of clergy and lay people across the diocese. The Board's objective is to purse an investment policy consistent reasonable growth while purdently safeguarding the principle. The Trustees are leaders in their parishes and communities and are accountable to both donors and recipients. As good stewards, they hired a professional invesmment manager to invest the Foundation's assets and audit the Foundation's year-end financial statements.

Once a Catholic entity estalishes an endowment, can that entity take tou the money from the principle for other purposes such as capital projects?

No. All endowments are permanent and the principle cannot be withdrawn or other purposes. The income from the endowment, may be sued for such purposes, unless ther are restrictions on the endowment that were established when it was opened.

Are the Foundation assets separate from Diocesan funds?
Yes. The Foundation is a separately incorporated 501 (c)(3) organizaiton. This provides for a layer or protection in case of law suits and prohibits anyone from appropriating money fromthe Foundation for any purpose other than that for which it is specified.

Can I/we add to my/our endowment fund?
Yes. In fact, most Catholic entities and families develop a plan for building their endowment fund. You mayadd to your endowment in any amount at any time.

Does the Foundation charge a fee fro managing endowments?
Yes. The Foundation's fee for management and adminstration of the endowments will be established by the Trustees. It is usually based upon a percentage of the fund balance.

If you have any questions concerning endowment funds, please contact us using our contact form.